BitBoy shares some Chainlink news that not many people may know about and he believes will make the price of LINK explode.
The Chainlink project has not had much time in the spotlight lately as it was a project that many thought would be the #3 cryptocurrency. It was one of the hottest projects from the end of 2018 until the fall of 2020. Many people are not bullish on $LINK anymore after it topped out at about $36, but BitBoy thinks the price of $LINK will moon this week.
Chainlink ($LINK) is a decentralised Oracle (a defi instrument) network which aims to connect smart contracts with data from the real world. The platform aims to bridge the gap between blockchain technology-based smart contracts and real world applications. Since blockchains cannot access data outside their network, oracles are needed to function as data feeds in smart contracts (1:45).
Ben says he believes Chainlink can still move all the way to #3 cryptocurrency because top coins like Cardano, Polkadot and Binance coin are all competitors with Ethereum occupying the same space (ecosystem), and it would make more sense to him to have a third coin that is in a totally different niche than smart contracts and store of value like Bitcoin. He admitted that a lot of the passion from $LINK marines died down recently (3:16).
Ben says the price of $LINK has been suppressed by a gigantic whale who bought at a very low price. The whale accumulated millions of LINK and has been selling at an outstanding rate for weeks, dumping 500,000 Chainlink per day since it reached all time highs. However, the wallet dumping only has 1,000,000 million LINK left (6:00)
Ben says if there is one coin he would be looking at right now to load up on the short term, it’s $LINK because by the time the dumping is over, the whales will no longer be able to push the price down and at the same time everyone is optimistic about the crypto market looking forward to bullish actions for Bitcoin and Ethereum (8:02).
BitBoy predicts a $50 price for $LINK in the next month.
This episode premiered on March 8th 2021